Operational Assurance Program
Corporate Governance – Operational Framework:
The Board has put in place a detailed governance framework, the Operational Framework. It sets out how we do business across Deepwater Producers and encapsulates our values, policies and processes, together with clear levels of delegated responsibility aimed at ensuring that all of our employees and businesses act in a clear, accountable and consistent manner.
How We Work
The processes and policies in the Operational Framework set out the principles of good governance which, together with our culture, guide our work and behavior in support of the strategy set in the company. Here we set out the values that we ask all our employees to demonstrate in their day-to-day work, wherever they are in the world. We also confirm our commitment to Total Performance which defines how we achieve success based on Customer Focus, Program Execution, Financial Performance and Responsible Behavior.
Organization
From the Board downwards, we set out how we are organized and the responsibilities of the Board, the Chairman, the Chief Executive, the Executive Committee, our Functional Councils (such as Engineering, Human Resources and Procurement) and the senior executives charged with running our businesses.
Governance
The United States SEC Code’s (the Code) principles are embedded in the Operational Framework and its policies and processes underpin all the disclosures made by the Board pursuant to Code provisions. The way we conduct our business is fundamental to the success of Deepwater Producers. The Operational Framework sets out our approach and the standards to which we adhere. It includes the following:
| Code of Conduct | Lays out the standards that are expected of each of us, to support in doing the right thing. All employees receive annual training designed to stimulate conversations about ethical decision-making. |
| Responsible Trading Principles | We do not compromise on the way we do business and here we mandate a principles-based approach to our business activity. |
| Internal controls | Provide assurance regarding: – the reliability and integrity of information; – compliance with policies, processes, laws, regulations, and contracts; – the safeguarding of assets and protection against fraud; and – the economical and efficient use of resources. |
| Risk framework | This is how we identify, analyze, evaluate and mitigate risk. . |
| Workplace and operational environment | This covers how we expect our people to be managed and the obligations placed on us all concerning avoiding conflicts of interest, anti-bribery, and managing the security of our people, information and other assets. |
| Delegated authorities | As part of a robust system of internal controls, the Board has delegated certain authorities to executive management. Delegation is subject to financial limits and other restrictions, above which matters must be referred to the Board. |
| Operational Assurance Statement (OAS) | This key governance process requires that a return is completed every six months by each operational and functional business head, reporting their formal view against such matters as compliance with law and regulation, ethical business conduct, financial controls, risk management, compliance with business planning processes, health and safety, conflicts of interest, delegated authorities, appointment of advisers and product safety. There is a separate OAS process for our joint ventures. Out Internal Audit function owns the OAS process. It is managed independently from management functions. The Internal Audit Director reports functionality to the Audit Committee and, for day-to-day operations, to the Chief Executive. |
Core business processes
These core business processes are mandated by the Operational Framework and designed to ensure consistent planning, reporting and review of business performance across all businesses:
| IBP (Integrated Business Planning) Creates an agreed five-year business plan and robust strategy against which performance is monitored through our Performance Management Process. |
LCM (Lifecycle Management Policy) How we plan and manage the execution of all projects above a certain minimum level, providing decision gate reviews at key stages from initial opportunity to final closure. |
M&A (Mergers & Acquisitions Policy) A structured approach to mergers, acquisitions and disposals. |
Leadership Framework Supports the development of a diverse and inclusive culture that delivers the Company strategy. Provides a principled approach to employee performance, assessment, development, and reward. |
Contact Us
Deepwater Producers is based in Houston, Texas USA with partner offices in Europe, Central America, Southeast Asia, Australia and Africa. Please contact us to see if our unique capabilities fit with your opportunity.
Deepwater Producers, Inc.
1880 S. Dairy Ashford Rd, Suite 606
Houston, TX 77077
Tel: 1 (713) 824-6851
info@deepwaterproducers.com